Old Card Accounts

binnie

Hello Everybody,

Not sure if it was on here where I heard this, but is it wise to close down old accounts once you have cut up the credit card or transferred a balance.

I never have done before, I just transferred existing balances onto the new card and just left the old account open but never used them.

After a while they give up sending me statments, so now I'm at a loss to who I have had cards from in the past.
Will it affect my credit rating if I don't close the accounts?

xx

YorkshireBoy

You should close old accounts down for two reasons...

1. You remove otherwise 'available credit' from your CRA credit report/file. Existing available credit is taken into account when being assessed for credit by new lenders and at some point will start to affect acceptance/limits offered.

2. You remove your exposure to fraudulent use of your 'old' cards.

Re finding out which accounts you've had/are still open, you'll find the last 6 year's worth are listed on your CRA reports which you can obtain from the three CRA's; Experian, Equifax, & CallCredit.

binnie

Thanks Yorkshire Boy, very helpful. I should get a credit report then.
I presume it's still £2.

I got one years ago, but didn't really understand a lot of it.

xx

binnie

Just been on the websites named above, and they all seem to want me to join and pay per month.
What happened to the one off fee for £2 ??
money grabbers.

YorkshireBoy

http://www.wiseconsumer.uk.experian.com/

https://www.econsumer.equifax.co.uk/consumer/uk/gb_consumerletter.ehtml

http://www.callcredit.co.uk/consumer/order-your-report

binnie

Oh thanks, aren't I daft.

binnie

Thanks Yorkshire Boy, just done the Experian one and paid the £2.
Will see what;s on it when I receive it.

SpeedbirdOne

binnie wrote: »

Oh thanks, aren't I daft.

To be honest they go out of their way to hide the info on the £2 reports as there's no profit in it for them! They're happy to jump up and down about the ones that cost a lot of money with all the bells and whistles you don't need. They only provide the basic £2 report because they *have* to by law, but they're not keen to promote that, and they'd much prefer you were spending a fortune with them instead. Don't let them get away with it!

Speedy

Saucepot

http://www.annualcreditreport.co.uk/

is free

binnie

Hi All,
I now have a very long credit report from Experian and have so many old credit cards on there which have been paid off years ago.
Trouble is, they don't give me the card account number and some just say MBNA Europe Bank or GE Capital Bank. I'm not sure how to contact them and tell them to close my old accounts if they haven't already done so.
Some are dating back to 2001.

Would I just write to them as I have their addresses and ask them to close down anything in my name as it looks really cluttered on my credit report.
I have just been turned down by Goldfish as I wanted to do a 0% balance transfer and they said I am too committed.

YorkshireBoy

binnie wrote: »

Would I just write to them as I have their addresses and ask them to close down anything in my name

Yes, but ask also that they mark the accounts as 'settled' with the CRA's.

I have just been turned down by Goldfish as I wanted to do a 0% balance transfer and they said I am too committed.

That would imply a 'used' credit issue, NOT an 'available' credit issue.